With increasingly sophisticated ransomware attacks keeping IT teams up at night, financial institutions are falling over themselves to protect their customers’ data, in the event of such an attack. And for good reason.
Ransomware attacks are predicted to occur every 11 seconds in 2021 at a cost of $20 billion. In March 2021, Flagstar Bank in the US was subject to a ransomware attack that resulted in stolen social numbers. In the same month, attacks on Microsoft Exchange servers affected between 30,000 and 60,000 organizations worldwide, including banks and the European Banking Authority. In May 2021, CNA Financial was subject to a ransomware attack which caused services to be shut down for a few days, and CNA Financial had to pay a ransom of 40 million USD to retrieve their data. In July 2021, US banks were part of a global ransomware attack that resulted in organizations around the world being extorted for a record ransom of $70 million.